Pansoft Receives Offer from Timesway Group to Acquire Remaining Outstanding Shares for $3.76
Pansoft Company Limited (NASDAQ: PSOF) today announced that on January 7, 2012, the Company's Board of Directors received an offer from Chairman Hugh Wang, representing Timesway Group Limited, to acquire all outstanding Pansoft shares that it did not already own at a price of $3.76 per share in a transaction under the British Virgin Islands law that would result in the Company becoming a privately-held company.
The transaction is intended to be structured as a merger between the Company and a special purpose vehicle company incorporated under the British Virgin Islands law and wholly owned by Timesway. Timesway is represented by Chairman Hugh Wang and had voting power over 64% of the Company's voting securities as of June 30, 2011.
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